摘要
企业作为自主创新的主体,其创新投资可能会给企业带来超额收益,但同时可能会增加企业的系统风险,本文拟从实证的角度对后一问题展开研究.分析了Rubinstein,Mandelker & Rhee的系统风险分解模型及特点,并对该方法作了调整,使得调整后模型扩大了使用范围,即可用于计量非上市公司系统风险;运用调整模型对山西省高新区企业调查数据进行了实证分析,结果表明,企业研发投资与系统风险存在显著的负相关关系,而与企业的财务杠杆和经营杠杆无显著的相关性.针对性地提出我国企业增进自主研发投资的几点建议.
As the leading role of the innovation, coupled with the possible extra earnings by investment of innovation of the enterprises, the systematic risks may increase in the meantime. It examines the question by empirical work. It firstly makes an analysis on the risk model and its characteristics of Rubinstein and Mandelker ＆ Rhee, and then adjusted the model which then can be used to mea.~ure systematic risks of non-listed companies. La.~tly, it makes empirical study on the companies＇ data collected from survey in High and new technique development area in Shanxi province. It concludes mainly that there exists a strong negative correlation between the innovation investments of companies with its systematic risks, but no notable correlations with its DOL and DFL. Additionally, based on the empirical results, it puts forward some improving suggestions.
出处
《研究与发展管理》
CSSCI
北大核心
2008年第3期22-29,共8页
R&D Management
基金
山西省软科学研究项目(2007041003-02)
关键词
研发投资
系统风险
经营杠杆
财务杠杆
固有风险
R＆D investment
systemic risk
intrinsic risk
operating leverage
financial leverage
作者简介
张信东（1964-），女，博士，教授，研究方向为财务管理和金融工程
